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Updated:   2026-04-07

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Measure
Authors Valencia  
Subject Digital Financial Asset Banking Act.
Relating To relating to financial regulation.
Title An act to add Division 1.26 (commencing with Section 3910) to the Financial Code, relating to financial regulation.
Last Action Dt 2026-03-16
State Amended Assembly
Status In Committee Process
Flags
Vote Req Approp Fiscal Cmte Local Prog Subs Chgs Urgency Tax Levy Active?
Majority No Yes Yes None No No Y
i
Leginfo Link  
Bill Actions
2026-03-17     Re-referred to Com. on B. & F.
2026-03-16     Referred to Coms. on B. & F. and P. & C.P.
2026-03-16     From committee chair, with author's amendments: Amend, and re-refer to Com. on B. & F. Read second time and amended.
2026-02-20     From printer. May be heard in committee March 22.
2026-02-19     Read first time. To print.
Versions
Amended Assembly     2026-03-16
Introduced     2026-02-19
Analyses TBD
Latest Text Bill Full Text
Latest Text Digest

The Digital Financial Assets Law, on or after July 1, 2026, prohibits a person from engaging in digital financial asset business activity or holding itself out as being able to engage in digital financial asset business activity, with or on behalf of a resident unless any of specified conditions is true. The law defines “digital financial asset” to mean a digital representation of value that is used as a medium of exchange, unit of account, or store of value, and that is not legal tender, whether or not denominated in legal tender and defines “digital financial asset business activity” to mean, among other similar things, exchanging, transferring, or storing a digital financial asset or engaging in digital financial asset administration, whether directly or through an agreement with a digital financial asset control services vendor.

This bill would authorize the department to enforce its provisions with administrative and civil remedies, as specified.